Daniel Kell RECONSTRUCTION “solutions” · 2014-06-08 · Willis Group Holdings plc is a leading...
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ABOUT WILLIS Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions utilising a global team represented in virtually every part of the world. Additional information on Willis may be found at www.willis.com.au WILLIS WORLDWIDE OFFICES DID YOU KNOW? Founded in 1828, Willis is the world’s oldest insurance broker. Willis was the broker for the Titanic. Willis was the reinsurance broker for the ill-fated Hindenberg, the German Zeppelin that exploded in 1937. Willis was the insurance broker for the lunar roving vehicle, affectionately known as the moon buggy. Willis brokered the coverage that enabled the reconstruction of the World Trade Centre in New York City. Willis was the insurance broker for the first commercial service of the Airbus A380, operated by Singapore Airlines on 25 October, 2007. Willis is the largest international broker in many growth economies, such as China where we have 22 offices. ADELAIDE & MELBOURNE Matthew Thomson t: +61 8 8224 4755 e: [email protected] BRISBANE David French t: +61 7 3167 8542 e: [email protected] PERTH Lara Drabble t: +61 8 9420 9219 e: [email protected] SYDNEY Daniel Kell t: +61 2 9285 4164 e: [email protected] NATIONAL Deborah Chong t: +61 3 8681 9738 e: [email protected] NEW ZEALAND Tinzar Wynn t: +64 9 3569385 e: [email protected] WILLIS INSOLVENCY & RECONSTRUCTION When you need simple solutions “ ” CONTACT W0264AU vA (2014) Established in 1828 17,500 Associates Over 400 offices across 120 countries Annual premium throughput of USD40B Publicly listed on the New York Stock Exchange Approximately USD7.8B market capitalisation WILLIS AUSTRALIA LIMITED ABN 90 000 321 237 AFSL No 240600 WILLIS NEW ZEALAND LIMITED Company No. 111584, FSP No. FSP37782 ADELAIDE Level 1, 190 Flinders Street Adelaide SA 5000 BRISBANE Level 1, 10 Eagle Street Brisbane QLD 4000 HOBART Level 6, 85 Macquarie Street Hobart TAS 7000 MELBOURNE Level 4, 555 Bourke Street Melbourne VIC 3000 PERTH Level 8, 191 St Georges Terrace Perth WA 6000 SYDNEY Level 5, 179 Elizabeth Street Sydney NSW 2000 CONTACT WILLIS AUSTRALASIA AUCKLAND Level 8 21 Queen Street Auckland NZ WELLINGTON Level 8 139 The Terrace Wellington NZ CHRISTCHURCH Level 1, Building G 2 Hazeldean Road Addington NZ
Transcript of Daniel Kell RECONSTRUCTION “solutions” · 2014-06-08 · Willis Group Holdings plc is a leading...
ABOUT WILLISWillis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions utilising a global team represented in virtually every part of the world.
Additional information on Willis may be found at www.willis.com.au
WILLIS WORLDWIDE OFFICES
DID YOU KNOW?Founded in 1828, Willis is the world’s oldest insurance broker.
Willis was the broker for the Titanic.
Willis was the reinsurance broker for the ill-fated Hindenberg, the German Zeppelin that exploded in 1937.
Willis was the insurance broker for the lunar roving vehicle, affectionately known as the moon buggy.
Willis brokered the coverage that enabled the reconstruction of the World Trade Centre in New York City.
Willis was the insurance broker for the first commercial service of the Airbus A380, operated by Singapore Airlines on 25 October, 2007.
Willis is the largest international broker in many growth economies, such as China where we have 22 offices.
adelaide & melbourneMatthew Thomsont: +61 8 8224 4755 e: [email protected]
brisbaneDavid Frencht: +61 7 3167 8542 e: [email protected]
perthLara Drabblet: +61 8 9420 9219e: [email protected]
sydneyDaniel Kellt: +61 2 9285 4164e: [email protected]
nationalDeborah Chongt: +61 3 8681 9738e: [email protected]
new ZealandTinzar Wynnt: +64 9 3569385e: [email protected]
WILLISINSOLVENCY &RECONSTRUCTION When you need simple
solutions“”
CONTACT
W02
64AU
vA
(201
4)
Established
in 1828
17,500 Associates
Ove
r
400 offices
across 120 countries
Annual premium throughput of USD40B
Publicly listed on the New York Stock Exchange
Approximately
USD7.8Bmarket capitalisation
WILLIS AUSTRALIA LImITEDABN 90 000 321 237 AFSL No 240600
WILLIS NEW ZEALAND LImITEDCompany No. 111584, FSP No. FSP37782
adelaideLevel 1, 190 Flinders Street Adelaide SA 5000
brisbaneLevel 1, 10 Eagle StreetBrisbane QLD 4000
hobartLevel 6, 85 Macquarie Street Hobart TAS 7000
melbourneLevel 4, 555 Bourke StreetMelbourne VIC 3000
perthLevel 8, 191 St Georges TerracePerth WA 6000
sydneyLevel 5, 179 Elizabeth StreetSydney NSW 2000
CONTACT
WILLIS AUSTRALASIA
auCKlandLevel 821 Queen StreetAuckland NZ
wellingtonLevel 8139 The Terrace Wellington NZ
ChristChurCh Level 1, Building G2 Hazeldean RoadAddington NZ
WILLIS INSOLVENCY & RECONSTRUCTION
The OpenCover Facility (“OpenCover”) underpins our risk and insurance approach to insolvency engagements and is the leading solution in the marketplace. Established in the early 1990s as the pioneer risk solution for the insolvency sector, OpenCover remains the broadest insolvency insurance facility available.
Comprised of an extensive suite of policies most relevant to a standard insolvency engagement, OpenCover provides a 30 day window from your date of appointment. This enables us to work with you to qualify and quantify risks (e.g. assets, trading liabilities) for any given engagement.
During this period our team will work with you to assess the needs of the engagement from a risk exposure perspective, providing recommendations that are both commercial and that consider your engagement strategy. Note that cover is in place from the moment that you are appointed, even before Willis is notified of the appointment.
The OpenCover Facility is continuously reviewed and enhanced in response to shifts in the insolvency landscape. As such, you can be confident that insurance is being taken care of by Willis from day one, allowing you to focus on the key challenges of each engagement.
Our cross-disciplinary approach ensures that all areas of Willis’ expertise are available to you. In addition to our core insolvency offering, other services include:
�� Workplace Health and Safety
�� Workers Compensation
�� Property Loss Prevention and Risk Improvement Services
�� Divestment Assistance Services
�- Vendor Due Diligence – Insurance / Risk Management Due Diligence reports for data rooms
�- Transaction Solutions – Warranties and Indemnities, Tax Liability, other contingencies
We understand that insolvency is a specialised sector. This is why Willis’ Insolvency & Reconstruction team (“I&R”) is comprised of highly skilled and experienced professionals, 100% dedicated to insolvency. With a team situated in each mainland state of Australia as well as New Zealand, we are able to respond to your needs in an efficient and effective manner – we can be where you need us to be, when you need us to be.
Our team’s knowledge of insolvency, coupled with our wide-ranging experience across a spectrum of industries and sectors, ensures that the best outcomes are delivered to you every time.
In addition, we have a wealth of industry and product experts both locally and globally across the rest of the Willis network. The I&R team will leverage this broader knowledge base as required to ensure that Willis’ expertise is fully utilised to protect the Appointees. We believe that this structure enables us to provide superior service delivery to you whilst remaining responsive and agile.
OUR APPROACH THE OPENCOVER FACILITY
Assess risk exposure
Formalise initial insurance program placement
Advise on risk-related matters as they arise
Adjust insurance program to reflect the changing risk profile
Engagement-specific insurance program
30 day ‘auto cover’ period
Date of appointment
Determine strategy
Negotiate with stakeholders
Restructure the business
Implementsale strategy
Sale of business Orderly wind down Divestment of assets
Our best practice methodology is focused on delivering effective solutions to protect you, while also providing commercial outcomes and process efficiency.
Our streamlined approach includes key communications such as the cover confirmation email, which summarises the initial OpenCover position and is issued within 24 hours of your appointment notification to us. We also use standard reports which summarise your risk and insurance position and outstanding action items at key points in time.
We complement these protocols with regular reporting for your senior management team, training sessions, discussion forums and technology solutions where appropriate.
In addition, our integrated approach to claims ensures that claims are settled in a timely and satisfactory manner. Our centralised Claims team manages the claim while working closely with your I&R servicer. The expertise of our National Claims Advocate is drawn upon for more complicated matters.
SERVICE DELIVERY MODEL
ADVISORY SERVICES
OUR EXPERIENCE Rural Pub – Trading
�� Pubs with live entertainment, dance floors and late night trading are considered high risk.
�� Pre-appointment insurance program was subject to a premium funding agreement with outstanding instalments.
�� New Liability policy was arranged via a specialist insurer, effective from date of appointment with a six month policy period to reflect the engagement strategy.
�� Willis’ internal OHS consultant was also engaged to conduct the OHS assessments.
Manufacturer of Automotive Components – Trading
�� Cover was arranged under the OpenCover Facility for the majority of the insurance program, including the Industrial Special Risks (total sum insured of approximately $300M) and ancillary policies such as Motor Vehicle.
�� Pre-appointment Public and Products Liability and Product Guarantee / Financial Loss / Product Recall policies were maintained for the appointment period.
�� Premium funding agreement was also secured for the Receivers to assist with smoothing cash flow.
CASE STUDIES
Financial Services – Trading
�� Professional Indemnity and Fidelity Guarantee cover was required in order to comply with ASIC requirements and enable ongoing trading activities; however the pre-appointment insurance program was due to expire two days after date of appointment.
�� Cover was secured seven working days post date of appointment.
�� New Professional Indemnity policy was arranged via the open market, with a retroactive date aligned with date of appointment. Fidelity Guarantee policy arranged via the OpenCover Facility.
Willis Insolvency & Reconstruction is the global market leader in insolvency risk.
Our commitment to the sector is demonstrated by our longevity in the marketplace and our team of specialists who solely service our insolvency clients. Our service philosophy is centred on aligning ourselves with your business culture and objectives.
Practically, this translates to a simple approach – an unrivalled core offering delivered by a highly competent team who are focused on truly understanding your needs. Our approach is underpinned by three primary objectives :
�� Protecting the Appointees;
�� Providing solutions that are commercial and reflect your engagement strategy; and
�� Streamlining the process.
We believe that these are the key components to ensuring that you are consistently delivered the best outcomes, to support you in achieving your goals.
